Full Year 2023 Mapletree Pan Asia Commercial Trust Earnings Call Hosted by DBS Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: M. Khi - JPMorgan Chase & Co, Research Division - Analyst : This is Terence from JPMorgan. If I could ask for festival walk, is there a target to get back to pre-COVID sales? Chow Mun Leong Yes. Yes, I think, of course, we really hope that you will recover to pre-COVID as soon as possible. But a lot of this is actually beyond our control. I think although when China borders announced relaxation in early February, but it was not exactly so there was a number of Visas. People can come in, not all the orders was opened, right? And ever when you go to China, it's year to do all those tests. So everything was really truly relaxed, I think, in the early part of March. So we are still early. Right now, it's only April, right? And then we don't see -- like what Shane mentioned on a money basis, we only see 1 million instead of the pre-COVID $4 million. So a lot will be actually deepened by the macro environment. But what I can say is that the local team is actually getting ready, right? So they have been continuously looking and refreshing these tenants. We have new -- a few new tenants coming up, which we will report in the next quarter, which is actually quite refreshing to the vessel work. Some of the bigger tenants like what Janica said, they are not performing well. So we view them out. So we actually brought in new tenants. So I think -- I think we are confident with the local team is constantly getting ready. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 28, 2023 / 12:45AM, MACT.SI - Full Year 2023 Mapletree Pan Asia Commercial Trust Earnings Call Hosted by DBS And the other telltale sign is really the niceties really the ice rink. Right now, he has actually recovered to pre-COVID level, so we hope that, that is a leading indicator of what will come mix for festival wall. Is there a need to try to treat the tenancy mix to target the motor is oriented trades?

Question: M. Khi - JPMorgan Chase & Co, Research Division - Analyst : Yes. Okay. And maybe for Japan. I understand that there's some supply coming up. Should we expect divestments of some of the more challenging properties like MVP and Seco? Or if you choose to lease up, should we be expecting positive reversions there?

Question: M. Khi - JPMorgan Chase & Co, Research Division - Analyst : Okay. And final question from me. Would you consider divestments in Singapore.

Question: M. Khi - JPMorgan Chase & Co, Research Division - Analyst : Just want to touch on Festival Walk, right? I think you mentioned about this 15% leases. What's the strategy here? And what kind of reversion could we be looking at?

Question: M. Khi - JPMorgan Chase & Co, Research Division - Analyst : And just one more on Korea. I think in the 4R strategy, there was a view to sort of expand.

Question: M. Khi - JPMorgan Chase & Co, Research Division - Analyst : Is there another for...

Question: M. Khi - JPMorgan Chase & Co, Research Division - Analyst : This is Terence Lee from UBS. In terms of time line, when would you expect to renew the 15% at Festival Wall?

Question: M. Khi - JPMorgan Chase & Co, Research Division - Analyst : So to finish the 15% by end of this financial year, there's expectations.

Question: M. Khi - JPMorgan Chase & Co, Research Division - Analyst : And could you also share the latest occupancy cost for Vivo and whether it is reasonable to expect to continue to push rents and reversions higher given the record sales.